massive debts no money

simond503

hi i have a debt crisis of over 25k of credit cards and unsecured loans which i am in no position any longer to pay. can anyone offer any help. i have monthly outgoings of £2700 in credit card payments loan repayments and general house hold bills and living expenses and £2200 coming in which does not cover it. I feel the response i will get is that its my fault i should not have spent the money but i have only used the plastic for living expenses and bills but i am sinking in debt real fast. i have 15000k equity in my house which could pay 2 loans but would increase my mortgage repayment by the same amounts of the loans so i cannot see the benefit of this plus i am petrified of losing my families home. what would be the response of lenders if i were to say that i can no longer afford the repayments where can i get advice to take these steps. could the lenders make any claim to the equity in my home if i do this...can anybody offer any advice thanks simon

dotstar24

hi there.why noot post up your SOA for the experts here to have a look at x

simond503

i do not know hat soa's are this is all new to me sorry for being thick...simon

Misty_Blue

Here's a link to help you with your SOA (Statement of Affairs):

http://www.makesenseofcards.com/soacalc.html

simond503 wrote: »

I feel the response i will get is that its my fault i should not have spent the money

Every one of us here is in a pretty similar situation, so you won't find much of that atitude here. No-one held a gun to our heads and made us spend the money, but in any case, we all need to look to the future instead of wasting time looking back. The people here will try their best to help you.

stebiz

simond503 wrote: »

hi i have a debt crisis of over 25k of credit cards and unsecured loans which i am in no position any longer to pay. can anyone offer any help. i have monthly outgoings of £2700 in credit card payments loan repayments and general house hold bills and living expenses and £2200 coming in which does not cover it. I feel the response i will get is that its my fault i should not have spent the money but i have only used the plastic for living expenses and bills but i am sinking in debt real fast. i have 15000k equity in my house which could pay 2 loans but would increase my mortgage repayment by the same amounts of the loans so i cannot see the benefit of this plus i am petrified of losing my families home. what would be the response of lenders if i were to say that i can no longer afford the repayments where can i get advice to take these steps. could the lenders make any claim to the equity in my home if i do this...can anybody offer any advice thanks simon

How wrong you are! This is a friendly forum that will help you in everyway possible. Firstly we need a full income and expenditure. This should include a breakdown of the loans. When they were taken out and what rates of interest they are.

We'll try and help and support you mate.

Stebiz

lucielle

Hi Simon, you aren't thick, its just jargon. SOA stands for statement of Affairs, income and expenditure. If you list everything coming in and out, clever chaps on here can often point out things where you are paying too much and able to make cutbacks, which in turn leaves you with more money to throw at debts. I think at the top of the page is a sticky for you to fill in and then you can put it on your thread. Also with your debts if you can put the APRs on that would be helpful. Once you have done your SOA it can be helpful to give CCCS or Paypal a ring. These are free debt charities and have a wealth of advice. I used them in December and they were a real life saver.
L

Misty_Blue

Here's a link to CCCS as well. These guys can really help you get back on track.

http://www.cccs.co.uk/

bank_of_slate

Hi Simon and welcome!
You won't find a more helpful and friendly bunch than on here!
We are all (or have been) in debt to various levels so no judgement, just lots of advice & support.
Post up your SOA and start your journey to becoming debt free!
...Linda xx

frazzmunch

hi simon...don't panic is probably the best advice you can get!!

i have been in a similar situation...72k of unsecured debt :eek: !!!

I wrote to all my creditors with an income/expenditure form and offered token payments to them all (try www.nationaldebtline.co.uk for proformas and budget sheets)....it took me a while with some of the 13 creditors to get them to agree and i now have 3 charging orders on my home but feel reasonably safe that they will not foreclose on these as long as i keep paying them regularly....one of these charging orders is for a 24k debt and was obtained in 2005...i pay £5 per month for this!

the main thing is to get advice from the cccs or a similar organisation and work with what you have....good luck and once you have bitten the bullet so to speak you will feel better....:D

simond503

<pre><b><br />Statement of Affairs and Personal Balance Sheet</b><b><br /><br />Monthly Income Details</b><br />Monthly income after tax................ 1000<br />Partners monthly income after tax....... 764<br />Benefits................................ 400<br />Other income............................ 0<b><br />Total monthly income.................... 2164</b><b><br /><br />Monthly Expense Details</b><br />Mortgage................................ 400<br />Secured loan repayments................. 0<br />Rent.................................... 0<br />Management charge (leasehold property).. 0<br />Council tax............................. 110<br />Electricity............................. 50<br />Gas..................................... 50<br />Oil..................................... 0<br />Water rates............................. 37<br />Telephone (land line)................... 50<br />Mobile phone............................ 50<br />TV Licence.............................. 12<br />Satellite/Cable TV...................... 37<br />Internet Services....................... 10<br />Groceries etc. ......................... 200<br />Clothing................................ 0<br />Petrol/diesel........................... 240<br />Road tax................................ 40<br />Car Insurance........................... 60<br />Car maintenance (including MOT)......... 33<br />Car parking............................. 0<br />Other travel............................ 0<br />Childcare/nursery....................... 0<br />Other child related expenses............ 0<br />Medical (prescriptions, dentist etc).... 0<br />Pet insurance/vet bills................. 0<br />Buildings insurance..................... 0<br />Contents insurance...................... 0<br />Life assurance ......................... 0<br />Other insurance......................... 23<br />Presents (birthday, christmas etc)...... 50<br />Haircuts................................ 20<br />Entertainment........................... 240<br />Holiday................................. 100<br />Emergency fund.......................... 0<b><br />Total monthly expenses.................. 1812</b><b><br /><br />Assets</b><br />Cash.................................... 0<br />House value (Gross)..................... 125000<br />Shares and bonds........................ 0<br />Car(s).................................. 1500<br />Other assets............................ 0<b><br />Total Assets............................ 126500</b><b><br /><br />Secured Debts</b><br />Description....................Debt......Monthly...APR<br />Mortgage...................... 0........(400)......0<b><br />Total secured debts........... 0.........-.........- </b><b><br /><br />Unsecured Debts</b><br />Description....................Debt......Monthly...APR<br />barclaycard....................4287.86...80........14.9<br />barclaycard....................4644.76...104.......17.9<br />virgin.........................400.......20........24<br />topman.........................102.33....4.09......18.24<br />egg............................4900......110.......24<br />tesco..........................2555.8....76........14.88<br />capital one....................0.........0.........0<br />capital one....................55.75.....5.........30.34<br />capital one....................1279.92...64........30.34<br />mbna...........................4079.15...120.......24<b><br />Total unsecured debts..........22305.57..583.09....- </b><b><br /><br />Monthly Budget Summary</b><br />Total monthly income.................... 2,164<br />Expenses (including secured debts)....... 1,812<br />Available for debt repayments........... 352<br />Monthly UNsecured debt repayments....... 583.09<b><br />Surplus(deficit if negative)............ -231.09</b><b><br /><br />Personal Balance Sheet Summary</b><br />Total assets (things you own)........... 126,500<br />Total Secured debt...................... -0<br />Total Unsecured debt.................... -22,305.57<b><br />Net Assets.............................. 104,194.43</b><i><br /><br />Created using the SOA calculator at https://www.makesenseofcards.com. Reproduced on The Motley Fool DWD Board with permission.</i></pre><br /><br />======== Enter any other useful information below ========<br /><br />e.g. the number of adults & children in the household, the number<br /><br />of cars included in the SOA or anything else that may be useful.

stebiz

simond503 wrote: »

<pre><b><br />Statement of Affairs and Personal Balance Sheet</b><b><br /><br />Monthly Income Details</b><br />Monthly income after tax................ 1000<br />Partners monthly income after tax....... 764<br />Benefits................................ 400<br />Other income............................ 0<b><br />Total monthly income.................... 2164</b><b><br /><br />Monthly Expense Details</b><br />Mortgage................................ 400<br />Secured loan repayments................. 0<br />Rent.................................... 0<br />Management charge (leasehold property).. 0<br />Council tax............................. 110<br />Electricity............................. 50<br />Gas..................................... 50<br />Oil..................................... 0<br />Water rates............................. 37<br />Telephone (land line)................... 50<br />Mobile phone............................ 50<br />TV Licence.............................. 12<br />Satellite/Cable TV...................... 37<br />Internet Services....................... 10<br />Groceries etc. ......................... 200<br />Clothing................................ 0<br />Petrol/diesel........................... 240<br />Road tax................................ 40<br />Car Insurance........................... 60<br />Car maintenance (including MOT)......... 33<br />Car parking............................. 0<br />Other travel............................ 0<br />Childcare/nursery....................... 0<br />Other child related expenses............ 0<br />Medical (prescriptions, dentist etc).... 0<br />Pet insurance/vet bills................. 0<br />Buildings insurance..................... 0<br />Contents insurance...................... 0<br />Life assurance ......................... 0<br />Other insurance......................... 23<br />Presents (birthday, christmas etc)...... 50<br />Haircuts................................ 20<br />Entertainment........................... 240<br />Holiday................................. 100<br />Emergency fund.......................... 0<b><br />Total monthly expenses.................. 1812</b><b><br /><br />Assets</b><br />Cash.................................... 0<br />House value (Gross)..................... 125000<br />Shares and bonds........................ 0<br />Car(s).................................. 1500<br />Other assets............................ 0<b><br />Total Assets............................ 126500</b><b><br /><br />Secured Debts</b><br />Description....................Debt......Monthly...APR<br />Mortgage...................... 0........(400)......0<b><br />Total secured debts........... 0.........-.........- </b><b><br /><br />Unsecured Debts</b><br />Description....................Debt......Monthly...APR<br />barclaycard....................4287.86...80........14.9<br />barclaycard....................4644.76...104.......17.9<br />virgin.........................400.......20........24<br />topman.........................102.33....4.09......18.24<br />egg............................4900......110.......24<br />tesco..........................2555.8....76........14.88<br />capital one....................0.........0.........0<br />capital one....................55.75.....5.........30.34<br />capital one....................1279.92...64........30.34<br />mbna...........................4079.15...120.......24<b><br />Total unsecured debts..........22305.57..583.09....- </b><b><br /><br />Monthly Budget Summary</b><br />Total monthly income.................... 2,164<br />Expenses (including secured debts)....... 1,812<br />Available for debt repayments........... 352<br />Monthly UNsecured debt repayments....... 583.09<b><br />Surplus(deficit if negative)............ -231.09</b><b><br /><br />Personal Balance Sheet Summary</b><br />Total assets (things you own)........... 126,500<br />Total Secured debt...................... -0<br />Total Unsecured debt.................... -22,305.57<b><br />Net Assets.............................. 104,194.43</b><i><br /><br />Created using the SOA calculator at www.makesenseofcards.com. Reproduced on The Motley Fool DWD Board with permission.</i></pre><br /><br />======== Enter any other useful information below ========<br /><br />e.g. the number of adults & children in the household, the number<br /><br />of cars included in the SOA or anything else that may be useful.

Ouch. I guess it wasn't meant to turn out like that;):D